Selling your home? Worried your closing may be delayed? Read this.

Q. We are selling our house and having a signed P&S with a generous deposit.  I am worried about what I don’t know that could hold up things at the closing.  Could you help?

A. A couple of items that could delay your closing would be the results of the appraisal and the buyer’s financing approval.  If the appraisal comes in too low, you may have to reduce your asking price.  If the buyer is not approved by his lender, and your contract is contingent on this issue, you could have a serious delay while the buyer tries other sources.  Another concern could be the results of the home inspection.  Your cooperation with replacing or fixing what needs to be repaired will definitely speed up the process.  Lastly if the results of the title search show any unresolved issues from past ownership or past financing, you may have to do some “digging” to try and help straighten them out.  Have available all of the documents given to you when you purchased the property.  If there is a problem with the title, the answer could be very simple and quickly found among those papers.  Working in combination with professionals in the field such as Realtors, Loan Originators and Attorneys can certainly help ease some of these problems and create a smoother transaction.

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Published in: on April 5, 2010 at 3:27 pm  Leave a Comment  
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